[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 794 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 794
To amend the Internal Revenue Code of 1986 to extend the section 29
credit for producing fuel from a nonconventional source.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 28, 2001
Mr. Moore (for himself, Mr. Moran of Kansas, Mr. Tanner, Mr. Stenholm,
Ms. McCarthy of Missouri, Mr. Sandlin, Mr. Condit, Mr. Lantos, Mr.
McGovern, Mr. Abercrombie, and Mr. Shows) introduced the following
bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend the section 29
credit for producing fuel from a nonconventional source.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Energy Security for American
Consumers Act of 2001''.
SEC. 2. EXTENSION OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL
SOURCE.
(a) Extension of Credit.--Subsection (f) of section 29 of the
Internal Revenue Code of 1986 (relating to credit for producing fuel
from a nonconventional source) is amended--
(1) in paragraph (1)(A), by inserting before ``or'' the
following: ``or from a well drilled after December 30, 2000,
and before January 1, 2012,'',
(2) in paragraph (1)(B), by inserting before ``and'' at the
end the following: ``or placed in service after December 30,
2000, and before January 1, 2012,'', and
(3) by striking paragraph (2) and inserting the following:
``(2) which are--
``(A) sold before January 1, 2003, in the case of
wells drilled or facilities placed in service before
January 1, 1993, and
``(B) sold before January 1, 2014, in the case of
wells drilled or facilities placed in service before
January 1, 2012.''.
(b) Reduction in Amount of Credit by 20 Percent Per Year Starting
in 2010.--Subsection (a) of section 29 of such Code is amended to read
as follows:
``(a) Allowance of Credit.--
``(1) In general.--There shall be allowed as a credit
against the tax imposed by this chapter for the taxable year an
amount equal to--
``(A) the applicable amount, multiplied by
``(B) the barrel-of-oil equivalent of qualified
fuels--
``(i) sold by the taxpayer to an unrelated
person during the taxable year, and
``(ii) the production of which is
attributable to the taxpayer.
``(2) Applicable amount.--For purposes of paragraph (1),
the applicable amount is the amount determined in accordance
with the following table:
``In the case of taxable
The applicable amount
years beginning in calendar year:
is:
2002 to 2011......................... $3.00
2012................................. $2.60
2013................................. $2.00
2014................................. $1.40
2015................................. $0.80
2016 and thereafter.................. $0.00.''
(c) Credit Allowed Against Both Regular Tax and Alternative Minimum
Tax.--Paragraph (6) of section 29(b) of such Code is amended to read as
follows:
``(6) Application with other credits.--The credit allowed
by subsection (a) for any taxable year shall not exceed the
excess of--
``(A) the sum of the regular tax liability (as
defined in section 26(b)) plus the tax imposed by
section 55, over
``(B) the sum of the credits allowable under this
part (other than subpart C and this section) and under
section 1397E.''
(d) Qualified Fuels To Include Heavy Oil.--Subsection (c) of
section 29 of such Code (defining qualified fuels) is amended--
(1) in paragraph (1), by striking ``and'' at the end of
subparagraph (B), by striking the period at the end of
subparagraph (C) and inserting ``, and'', and by adding at the
end the following new subparagraph:
``(D) heavy oil, as defined in section
613A(c)(6)(7).'', and
(2) by adding at the end the following new paragraph:
``(4) Special rule for heavy oil.--Heavy oil shall be
considered to be a qualified fuel only if it is produced from a
well drilled, or in a facility placed in service, after the
date of the enactment of the Energy Security for American
Consumers Act of 2001, and before January 1, 2012.''
(e) Barrel-of-Oil Equivalent in the Case of Natural Gas.--Paragraph
(5) of section 29(d) of such Code is amended by adding at the end the
following: ``In the case of natural gas, the term means MCF (determined
at standard temperature and pressure).''
(f) Applicability to Certain Facilities.--Paragraph (1) of section
29(g) of such Code is amended to read as follows:
``(1) In general.--In the case of a facility for producing
qualified fuels described in subparagraph (B)(ii) or (C) of
subsection (c)(1), for purposes of subsection (f)(1)(B), such
facility shall be treated as being placed in service before
January 1, 1993, if such facility is placed in service before
July 1, 1998, pursuant to a binding written contract in effect
before January 1, 1997.''.
(g) Effective Date.--The amendments made by this Act shall apply to
taxable years beginning after December 31, 2001.
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